Ryan Academy for Entrepreneurship Propeller to Support 24 Start-ups and Raise Additional 2 million. The ‘Propeller’ programme for startups to be launched on Monday 22nd by EU Commissioner in DCU.
Dublin City University’s Ryan Academy for Entrepreneurship in Dublin has outlined details of its seed venture fund for early stage technology startup companies. The seed accelerator fund will be titled Propeller and aims to fund and incubate up to twenty-four early stage technology companies over the next two years. Over twenty startup companies have already been in discussions with the Academy since the fund and programme was announced in July. To date 1 million has been raised from Declan Ryan (Ryanair etc) and it is planned to raise an additional 2 million in the coming years to further develop the programme.
The programme includes:
- €30,000 per company funding
- 8-10 companies funded in first round
- Online application now open
- Follows similar programmes in other countries with mentor-led support from both serial entrepreneurs in Ireland and senior management in the many corporates that are based in Dublin
- Package of free services in marketing, sales, legal, IP and accounting with corporate partners
- Application process ends in mid January, programme starts on 1st February until end of April. Investor day held on 1st May.
Details here: http://www.dcu.ie/ryanacademy/
The online application process will go live on the 22nd of November, at an event in DCU attended by the EU Commissioner for Research, Innovation and Science, Mrs Máire Geoghegan-Quinn. It is hoped the programme will be of interest to startups in other EU countries and beyond. What the commissioner said about it:
http://www.siliconrepublic.com/start-ups/item/19135-irish-companies-are-among/
Another one of the aims of the Propeller programme is to link the corporate sector in Ireland to the startup sector. A number of Ireland’s leading companies have been approached about providing senior executives as mentors.
“Early stage venture accelerators must be adapted to the City region they are based in. One of Dublin’s greatest magnets for startups is the fact that it is a location for leading technology giants such as IBM, Intel, Google and Microsoft”, said Gordon McConnell, the Deputy-CEO of the Ryan Academy. “One of our objectives is to create a unique eco-system where early stage companies, many of which have an business-to-business product model, will get access to and advice from these executives. The other half of the mentor equation will be serial entrepreneurs in the technology area.”
Another benefit of the programme will be a package of corporate and service support including marketing, accounting, legal and intellectual property advice. A number of companies have already signed-up to support the programme including Sage Ireland, Arthur Cox, Publicis D, Tomkins IP and Enterprise Ireland.
"At this particularly challenging time for all businesses I welcome this initiative which should prove very beneficial to start-up enterprises. These start-up companies will play a central role in Ireland's economic recovery and the availability of key software tools, marketing, legal and intellectual property advice will be welcomed by our budding entrepreneurs” said Liam Mullaney, managing director of business software solutions company Sage Ireland and a mentor to the programme
The new fund will be governed by a Technology Advisory Board, which will be chaired by Declan Ryan.
About the Ryan Academy (www.ryanacademy.ie)
The DCU Ryan Academy is a partnership between Dublin City University and the family of the late Tony Ryan (Ryanair). The Academy exists to promote entrepreneurship and innovation and to use our iconic building in Citywest as a dynamic hub for entrepreneurs and researchers to develop ideas, learn new skills and network. The Ryan Academy is working with researchers and entrepreneurs to help them achieve their potential.
For further information please contact: Gordon McConnell at This email address is being protected from spambots. You need JavaScript enabled to view it. or mobile 086 8330536
Or check the Ryan Academy technology blog: www.ryanacademy.wordpress.co
